You should have sold earlier and missed out on some gains or waited longer and missed out on some losses. You were wrong instead, it went as low as $5,500 in February and didn’t recover until May. Let’s say you bought $1,000 worth of Bitcoin at $8,000 because you thought it was going to hit $10,000 by the end of 2019. The right moment to sell your cryptocurrency depends on a few factors, including cryptocurrency markets and their conditions, volatility, and news.
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Your best bet would be consulting with a professional accountant who specializes in cryptocurrency taxation so they can guide you through all the necessary steps required by law when selling crypto assets such as Bitcoin or Ethereum. In addition, depending on how long you have been trading crypto-assets and what type of currency you trade-whether stocks or conventional currencies-you may also be subjecting yourself to capital gains taxes as well as self-employment taxes if this is your main form of income. If you live in the United States, there are three ways of paying taxes: capital gains tax, self-employment tax (for those who make money through freelancing), and income tax (any other type of earnings). Taxes are a burden on your profits whether or not it is worth it for you to sell. Tax laws vary from country to country, and it pays off to do some research on the matter before selling your cryptocurrency. You need to know how much taxes you need to pay concerning your country's tax laws. Setting realistic expectations will help keep your spirits up when nothing seems to work out and will allow you to enjoy the process as well as the results. When you don't set any goals, there's no way of knowing if what you're doing is working or not.
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